Steinhoff: European unit eyes Frankfurt listing

Companies / 14 April 2014, 08:00am

Reuters

Furniture and household goods maker Steinhoff planned a stock market listing for its European unit this year, German weekly magazine WirtschaftsWoche reported on Saturday, citing financial sources. It said Steinhoff was considering an initial public offering in Frankfurt in the European autumn, with proceeds to be used to pay down debts and fund expansion. A spokesman could not be reached for comment. The South African firm is one of the biggest home furnishing players in Europe, where its owns several retailers including France’s Conforama and the UK’s Harveys. The JSE shares fell 0.67 percent to close at R52.08 on Friday. – Reuters